31 July 2019: Cashwerkz (ASX: CWZ) today announced its latest partnership with Australia’s first SME challenger bank, Judo Bank. Judo…
Written by Rachel Polglase Published: July 31 2019 Press Release
Auswide Bank, Bank of us and MartinCo Financial Advisers join 41 ADIs and a growing number of wealth management partners to now benefit from Australia’s most trusted, reliable and secure online platform for the seamless management and transaction of Term Deposits
22 March 2019 – Cashwerkz, the leading online platform in Australia uniquely designed for cash investing and wholly-owned by Trustees Australia Limited (ASX: TAU), has announced new ADI partners including Auswide Bank, Bank of us and new financial adviser partner, MartinCo Financial Advisers. These new partners join an online cash marketplace offering a range of cash investment solutions from 41 Authorised Deposit-taking Institutions (ADIs) and easy access for a growing number of wealth management specialists.
Cashwerkz recently hit a new milestone for funds passed through the platform, now reaching $2 billion, as well as a new milestone for cash accounts that remain active on the platform. Cashwerkz today has over $1 billion funds on the platform waiting to mature.
Adding new partners has helped Cashwerkz generate sound growth in its ADI partner network numbers over a six month period, with a corresponding 67% increase in funds utilising Cashwerkz platform technology.
Hector Ortiz, CEO for Cashwerkz commented, “It’s fantastic to see new partners recognise the benefits of the Cashwerkz platform. Our continued growth in funds on the platform signals investors trust our secure and innovative marketplace.”
“We do not have access to investor’s funds, and this makes Cashwerkz an extremely secure, transparent and efficient solution for cash investing. Our unique automated and streamlined identification process means the Cashwerkz platform is delivering a compelling level of cost-efficiency for our ADI partners, resulting in better returns for the investor, particularly professional investors such as fund managers and custodians,” he concluded.
Cashwerkz has separately announced the launch of a powerful new At Call account option offering up to 2.3% interest for investors. At Call accounts are designed to offer significantly higher market-competitive interest rates. Making an At Call facility available allows investors to continuously benefit from Cashwerkz streamlined automated processes and its unique identity and verification technology.
Initially Cashwerkz will offer an At Call account option from AMP Bank, Auswide Bank, and ME Bank with an additional five ADIs joining the platform in the near future, offering investors even more choice with market competitive At Call offerings.
The Australian-developed Cashwerkz platform provides self-managed super funds, financial advisers, fund managers, the wholesale market, custodians, and industry superannuation funds with the ability to source market competitive interest rates in real-time and then to transact and manage cash on an end-to-end secure platform.
The platform does not receive, handle or direct investor’s money: it facilitates the transfer of cash parcels between accounts held and controlled by the investor, their appointed adviser or custodian, via secure automated instructions to relevant parties. There is no fee payable by the investor. Cashwerkz receives a fee from the issuing ADI.